Sunday 27 December 2020

Habits/Routines of Millionaires | How you can use them to improve your productivity

Welcome to another episode of SingaporeanTalksMoney, don't forget to give an early thumbs up and subscribe to my channel if you like the content that I have been producing. So on to today's video topic: Habits/Routines of Millionaires | How you can use them to improve your productivity. 

 Millionaires seem to spend their time differently from others, when it comes to exercising, reading, working and using of their social media. How then can we curate our habits and actions to improve not just our financial status but our life routine as a whole to benefit the different aspects of our life. Follow me through today's video as I outline the possible changes that you can implement in your lifestyle.

They exercise

This is a really important aspects of rich and successful people. They don't forget about their health and exercises pretty frequently to ensure that they have the energy and stamina to last through a long work day. Millionaires spend more time exercising than the average person, this is time for them to build up their body as they prepare for a day of decision-making.

Research has shown that they have more time to exercise because they use less time on social media. A study by Social Science and Medicine involving a sample of 5042 Finnish twin males, aimed to investigate the direct effects of physical activities on long-term labor income and earnings. The results showed that being physically active positively influenced long-term (15 year) income, with physically active males receiving incomes some 14-17% higher than less active males.

It could be because exercise may improve a person’s performance at work by enhancing their perseverance when facing obstacles, fostering goal-oriented behaviors, and developing social skills. In addition, physical activity may encourage participation in competitive situations within the workplace by enhancing self-esteem, self-confidence and locus of control.

Having a 'rich' mindset

Mindset is important to get us to achieve our goals, a focused mindset is beneficial to a confident personality and a rich mindset is what differentiates capable individuals. So what is a rich mindset? Individuals with a rich mindset seeks to spend their time, resources, and energy on work that continues to pay off long after the effort has been invested. To do so, you will first need to step out of your comfort zone to do things that will benefit you in the long run even though you are not comfortable doing them.

Know what motivates you to get things started and moving. When you set big goals for yourself, you kind of adjust your thinking and actions to move towards it. Do not invalidate yourself, if you keep telling yourself that you aren’t smart enough or good enough, or that you don’t know enough, it’s not going to be easy to turn on the steady stream of cash flow. And with a hard and fast, low-earning mindset, constant negative self-talk, and a poor mindset, you won’t be likely to retire early or be able to grow and developed a rich mindset. Focus on what you can control eg to start a business, work on negotiating a raise, and automate their finances in order that they can invest easily. Instead of giving up at the first sign of failure and finding comfort in complaining, a successful person rises up to the occasion.

Build relationships

There is a study that suggests that you are the average of 5 people you surround yourself with, so it is your choice to choose people with a rich mindset or of a poor mindset. Choosing your friends is a hefty but very crucial task because a good network helps you to grow and develop a rich mindset for which we are about. Do not be afraid to make friends that talk about money because they might help you in learning new ways having a circle of good friends on which you can rely upon will also boost your self-confidence.

Read up lots

Reading helps you to have new ideas and knowledge about what you are interested in. I watched a Netflix documentary on Bill Gates where he had 'think weeks' which was a one week period, 2 times a year and would just spend the time reading. This is like creating a 'third place' that is not work or home and allows you to have deeper and more creative thoughts.

Reading up more also expands your horizon as more knowledge on a certain topic can be found. It allows you to be exposed to more areas and have a deep dive into what you are interested in.

Waking up a little earlier

This is a personal tip from me but not as a millionaire. Haha, ever since working from home, my workload has increased substantially. During my normal work day, many people would call or have meetings virtually, as this consumes up a lot of time, I some times do not have the time to clear my individual work or emails. By waking up an hour earlier, it allows and gives me some time to clear and focus on my urgent task for the day and to complete them if possible first thing in the morning.

Special feature on Elon Musk

  1. He wakes up early and sleeps about 6 hours per day
  2. Shower everyday
  3. Use Stretch goals
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Good habits can in the long term improve our performance as we incorporate them into our routine. I hope that the information in this video has been beneficial. If you enjoy my videos and want more content from me, please hit the like button and subscribe to my channel. it will help me lots. See u guys soon and take care!

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